Friday, May 7, 2021

Best tips to prepare for the tax-filing season

Tax preparation is unquestionably a time-consuming job. However, taking a few minutes now to review your accounts will go a long way towards assisting you in saving money and reaping the rewards of deductions earlier. The Australian Taxation Office (ATO) has billions of dollars to return to taxpayers. All you have to do to boost your refund is to think beyond the box. The ATO is capable of detecting unreported wages, bank interest, share dividends, and other forms of income. Unfortunately, it has no way of alerting you of a missed deduction for work-related expenditures, investment costs, or other irrational expenses.

Preparing your company documentation for the end of the financial year entails a lot of work. Even if you've done a bad job of record-keeping so far, it's not too late to get your company ready for tax season.



Below are the tips to get prepared for the tax-season by our professional accountants for small business:


1.   Analyze bank transactions closely

According to a poll, 66% of company owners misunderstand bank statements. And if you've completed the majority of your submissions, it's not too late to use a software tool to help you catch errors. Accounting software should have built-in controls to ensure that data is properly accounted for, even while maintaining a user-friendly interface.

2.   Stay Organized

According to the report, 58 per cent of company owners and administrators struggle to keep up with their accounting and financial statements regularly during the year. One of the most common causes of business failure is disorganization or a lack of knowledge about where essential documents are kept. Intuitive and user-friendly that can combine accounting with other business management functions (such as sales, storage, point-of-sale, payroll, field management, and so on) means less work for you because these functions can interact with one another and keep your accounts up to date. Our bookkeeping services provider always keeps your business organized.

3.   Evaluate the GST liability

For a reporting period, you may need to adjust your GST net liability. Depending on their circumstances, business owners may increase or decrease changes. The software will assist you in assessing the condition and ensuring that you comply.

4. Superannuation

If you have to make superannuation contributions for your employees, do so in June so you can subtract them this fiscal year. A sophisticated accounting software programme can assist you in staying within your contribution limits.

5.  Respond to the additional information

When questioned, approximately 49% of business owners fail to report or update details. Take care of any "loose ends" and wrap it up as quickly as possible, accounting firms always take care of this aspect for your business.

6.  Take the assistance of a professional

And if your paperwork isn't quite ready to file, meeting with an accountant who can help you organize and strategize is a good idea. If your reports for this year aren't up to date, company data from previous years will provide insight into your finances to your accountant. At tax time, accounting software ensures that prior year reports and returns are readily available.

7.  Look at the wider picture

Don't think of June 30th as tax day; instead, think of it as a time to evaluate your company and your financial future. Not only can enterprise accounting software assist you with last-minute tax details, but it will also provide you with insight into other critical details such as taxes, savings, and retirement planning.

8.  Check how the accounting software can assist you

Smart business software keeps track of data that you would otherwise overlook. No one can recall all of the information required to keep up with a busy office's complicated accounting data. However, 46% of company managers are unable to use the tools they have chosen to their full potential. This may defeat the intent of using accounting or tax software in the first place.

We have MYOB EXO and MYOB Advanced Consultants who can provide customized training and support to your team. MYOB Exo and MYOB Advanced, for example, are automated and fully supported ERP systems that provide reporting and enforcement capabilities for business owners and managers to confidently make decisions and predictions to ensure good financial management and the ability to exploit market opportunities.

Take our Assistance

Keeping good records will save you time and, in the case of a professional preparer, money if you do your taxes or employs someone else to do them. The earlier you begin, the more smoothly the process can go, and the faster you'll be done with it for another year.

With experienced tax return agents, we at Reliable Accountants Melbourne ensure you that your return will be looked after by a tax expert who will secure all offsets and deductions you are entitled to. We provide the perfect combination of professionalism and service  

We challenge that we are the best result of your search “Tax Accountants near me”. 

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